- Central banks nab record 228 tons of gold in Q1 2023
- Global demand mixed, but gold prices soar above $2,000 per ounce
- Singapore's Monetary Authority leads the pack, boosting reserves by 69 tons
Kick back, relax, and let's talk gold! Central banks have been going all-in on the shiny stuff, scooping up a record-breaking amount in Q1 2023. While global demand is showing a mixed bag, those banks are making it rain gold bars.
Prices have soared above $2,000 per ounce, with economic uncertainty and banking woes pushing investors to find safety in gold. In Q1, central banks added a whopping 228 tons to their reserves, the most we've seen in a first quarter since 2000.
The World Gold Council (WGC) believes central bank demand will chill a bit after last year's gold-buying bonanza, but it's clear that more developed financial centers are getting in on the action. Singapore's Monetary Authority took the gold-medal for most gold bought, boosting its reserves by 69 tons.
Chinese consumers, meanwhile, are loving their gold jewelry, picking up 198 tons in Q1. And as for investments, the U.S. banking system's struggles have investors scurrying to gold for safety.
With record high mine production and recycling, there's plenty of gold to go around. So whether you're a central bank or just a fan of shiny things, it's clear that gold is the talk of the town.
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